OCC Add-On Products Consent Order Terminates, Says Wells Fargo

Wells Fargo confirmed on January 20 that the Office of the Comptroller of the Currency (OCC) terminated its June 3, 2015 consent order regarding add-on products that the company sold to retail banking customers before 2015.

Wells Fargo confirmed on January 20 that the Office of the Comptroller of the Currency (OCC) terminated its June 3, 2015 consent order regarding add-on products that the company sold to retail banking customers before 2015.

Wells Fargo's top priority is building a risk and control infrastructure appropriate for its size and complexity. The termination of the 2015 consent order is a step in this work, as the company continues to focus on resolving legacy regulatory issues. In September 2021, a Consumer Financial Protection Bureau (CFPB) consent order issued in 2016 regarding the bank's retail sales practices expired. In January 2021, the OCC terminated a 2015 consent order related to the company's Bank Secrecy Act/Anti-Money Laundering compliance program. In May 2020, the OCC upgraded Wells Fargo's Community Reinvestment Act rating to "outstanding."